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Italy’s Generali pays $108 million for full control of its Chinese JV
It is the first instance in which a foreign insurer has acquired a...
Misinformation biggest immediate risk for India world extreme weather top long-term threat WEF study
On a short-term horizon of two years, the report identified...
California governor calls wildfires ‘deadly moment,’ urges residents to flee
The state has been hit by its worst dry-lightning storms in nearly two decades as close to 12,000 strikes Some 175,000 people have been told to leave their homes.
Chinese insurance tech firm Waterdrop raises $230 million, plans U.S. IPO
Two sources with knowledge of the fundraising told Reuters that Waterdrop was valued at nearly $2 billion in the funding round. One of them said that Swiss Re itself had invested $100 million.
Swiss Re declined to comment on its investment size, but said the company’s participation in the round was part of its long-term commitment to China.
Twitter privacy ruling delayed after dispute among EU regulators
Twitter had looked set to become the first big technology company to face a fine by Ireland’s Data Protection Commission (DPC) under tougher EU data protection rules after it submitted the decision to other member states in May.
Under the EU’s General Data Protection Regulation’s (GDPR) “One Stop Shop” regime introduced in 2018, regulators can impose fines for violations of up to 4% of a company’s global revenue or 20 million euros ($22 million), whichever is higher
Bayer to pay $1.6 billion to resolve U.S. claims for Essure birth-control device
Women have claimed in lawsuits that the device, which is implanted in the fallopian tubes to permanently block the passage of eggs to the uterus, could pierce the tubes, and that the device’s metal parts could become dislodged and migrate to other parts of the body.
US court upholds $140 million compensation in TCS-Epic Systems case
According to reports, Epic had filed the lawsuit in 2014 against TCS alleging that the IT services company had stolen its intellectual property. In 2016, Epic won a jury award of $940 million.
Russia vaccine roll-out plan prompts virus mutation worries
Sputnik-V’s developers, as well as financial backers and Russian authorities, say the vaccine is safe and that two months of small-scale human trials have shown that it works.
But the results of those trials have not been made public, and many Western scientists are sceptical, warning against its use until all internationally approved testing and regulatory hurdles have been passed.
Japan ship deviated from shipping lane before Mauritius impact, data shows
It was not immediately clear why the ship appeared to deviate from its course. Tracking data for other cargo vessels passing close to Mauritius recently show them all sticking to the shipping lane.
The Mauritius coast guard had repeatedly tried to reach the ship to warn it that its course was dangerous but received no reply, Reuters reported this week.
China govt-backed class actions take aim at corporate fraud – with limits
Under the new litigation process, either the courts or a regulator must find that a company has broken the rules, or the company must admit wrongdoing, before a class-action lawsuit can be launched.
In addition, class-action suits launched by individuals, not the CSISC, can only include investors who opt in, reducing the number of plaintiffs and the size of the claim.
Insurer AIA’s new business drops 37% in first-half as pandemic hits sales
Insurers across the world have been hit by pandemic-related claims including for travel, business interruption and event cancellation, while economic slowdown and job losses have led to reduced demand for life insurance.
In Asia, insurance firms mainly rely on their army of agents for product sales, which have been dented by lockdown and social distancing measures put in place in various countries to contain the pandemic.
Covid-19 Pandemic:Lloyd’s gets ready for reopening & business with restrictions
Lloyd’s has reduced capacity to 45% to ensure it can maintain social distances.In order to ensure it doesn’t go above this the working week will be split by class of business
From 1 September,face coverings will be mandatory in all public areas of the building.